Proposal Form - Nexus Underwriting · Proposal Form – June 2019 13. Declaration 1.We declare that...
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Proposal Form If you have any issues completing this form please contact your broker or your usual contact at Nexus Trade Credit or email [email protected]. About Nexus Trade Credit Nexus Trade Credit is one of the UK’s leading suppliers of Trade Credit Insurance and related credit management services. Our policies provide companies with comprehensive protection from the risk of bad debts – default – and customers’ business failure. Underwritten in the Lloyd’s market, our credit insurance is supported by market- leading debt collection and credit information services. Nexus CIFS Limited, trading as Nexus Trade Credit, is an Appointed Representative of Nexus Underwriting Limited, which is authorised and regulated by the Financial Conduct Authority, FRN: 494805. Nexus CIFS Limited is registered in England and Wales. Registered number: 08125609. Registered office: 52-56 Leadenhall Street, London EC3A 2EB.
Transcript of Proposal Form - Nexus Underwriting · Proposal Form – June 2019 13. Declaration 1.We declare that...
Proposal Form
If you have any issues completing this form please contact your broker or your usual contact at Nexus Trade Credit or email [email protected].
About Nexus Trade Credit
Nexus Trade Credit is one of the UK’s leading suppliers of Trade Credit Insurance and related credit management services.
Our policies provide companies with comprehensive protection from the risk of bad debts – default – and customers’ business failure.
Underwritten in the Lloyd’s market, our credit insurance is supported by market-leading debt collection and credit information services.
Nexus CIFS Limited, trading as Nexus Trade Credit, is an Appointed Representative of Nexus Underwriting Limited, which is authorised and regulated by the Financial Conduct Authority, FRN: 494805. Nexus CIFS Limited is registered in England and Wales.
Registered number: 08125609. Registered office: 52-56 Leadenhall Street, London EC3A 2EB.
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
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Proposal Form – June 2019
Proposal Form
1. Your Company DetailsCompany Name(s)(if more than one applicant please provide details on a separate sheet)
Company ID
Address
Town/City Post Code
Country
Contact Name(s)
Position(s)
Telephone Number Email
2. Nature of BusinessYour business activity (manufacturing/distribution/service/other)
Standard Industry Classification (SIC) code(s)
Description of goods/services you supply
Goods/services supplied by your customer
3. TurnoverIndicate preferred policy currency? GBP Euro Dollar
Period Estimated Annual Turnover
Current year to date
Previous complete year
2nd previous
3rd previous
4th previous
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
4.Your Markets and Sales
Country Sales over the last 12 months
Number of customers Estimated sales over next 12 months
Estimated number of customers
5.Previous Loss Experience
Period to Value of losses Number of losses Largest loss Name of largest loss
Current year to date
Previous complete year
4th previous
6.Total of Debtor BalancesAs at 31 March 30 June
30 September 31 December
Average number of days sales outstanding over the previous year is
2nd previous
3rd previous
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Proposal Form – June 2019
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
7.Debtor Profile
8.Terms of Payment
Indicate policy currency? GBP Euro Dollar
Number of debtors Total amount
Up to 500
501-1,000
1,001-2,500
2,501-5,000
5,001-10,000
10,001-25,000
25,001-50,000
50,001-100,000
100,001-250,000
250,001-500,000
500,001-1,000,000
Over 1,000,000
Total:
Number of debtors Total amount
What are your normal contractual payment terms?
Are there any exceptional payment terms agreed?
If yes, please state with whom and terms agreed
Name of customer Agreed Terms Average Size Debt
Yes No
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Proposal Form – June 2019
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
Do you act as principal on all contracts?
Do you include Retention of Title within yourStandard Conditions of Sale?
Do you hold any other form of security?(Please provide copy of a payment instrument,guarantee or other evidence)
Are you involved in Contracting?
Do you sell in different currencies? (If yes,please state which ones)
Do you credit insure, factor, discount orotherwise assign your debts?
Do you enter into any Binding Contracts? If so, what is the maximum period of these contracts? Please provide details
If yes, do your contracts have paymentretentions?
If yes, for how long and what percentage ofcontract value? (Please note that retentionmonies due arising from contracts entered intoprior to policy inception will not be covered)
Do you supply on “pay when paid,” “sold on”or “on approval”?
Do your contracts include work in progress? (ifyes, please complete Appendix 3)
Do you enter into any self-billingarrangements with your customers?
Do you have any barter or contra tradingarrangements (i.e. where you exchange goodsand/or services for goods and/or servicesrather than money?)
Do you offer consignment stock?
Are there any other features of the contractsyou enter into that increase our risk?
9. Relating to Contracts
Yes No Details
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Proposal Form – June 2019
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
10. Statement of Credit Control
a. Your Credit Control Department
b. Who has the day-to-day responsibility for credit management?
c. How do you investigate your customers’ credit-worthiness before a debt is incurred?
d. Is the status of the account checked before:
Is your credit control system computerised?
Is your department centrally located? If so, where?
How many people does your department employ?
Name
To whom do they report?
Position
Status Reports Yes No
If yes, which credit reference agencies?
Bank Reports
Trade References
Other Sources
Yes No
Yes No
Yes No
Details – Above what level?
New orders are accepted?
Further supplies are made?
Yes No
Yes No
If no, why not and when are they vetted?
Do you visit your customers regularly? Yes No
If yes, please detail process
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Proposal Form – June 2019
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
e. Debt Collection Process
How soon after delivery/supply are invoices raised?
Do you raise invoices for each amount due? Yes No
(If not how are debts evidenced?)
When are invoices sent out?
Are statements prepared? Yes No
If so, how often are they rendered?
Yes NoDo you use a debt collection company/solicitor?
If yes, who?
What action is taken to chase overdue customers and at what point beyond due date? (Please complete chart below)
Number of Days Beyond Due Date Details
Telephone
Letter
Stop Deliveries
Legal Action
Collection Agents
Please provide on Appendix 2 details of all those accounts that are overdue and/or that are giving cause for concern.
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Proposal Form – June 2019
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
11. Additional Information
Have you been refused cover or security by any other credit insurers, factors or similar?
Yes No
If so, please give reasons:
Please provide on Appendix 1, the names and country locations of all the accounts for which insurance cover is sought. Pleasealso state the credit limit required.
12. Bank Details
Name(s) of Account Holder(s) Bank/Building Society account number
Branch Sort Code
Please supply details of the account from which instalments of premium will be collected if we have offered you the option to payus on an instalment basis.
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13. Declaration1. We declare that to the best of the company’s knowledge and belief the above statements and all other information given to the insurers, including any joint applicants, are true and complete and that we have not withheld any material fact.
2. We understand that:3. Breach of the duty to make a fair presentation of the risk may (a) invalidate such a policy, (b) result in the policy being treated as if it has been entered to on different terms, and/or (c) result in the reduction in the amount payable in respect of any claim.4. any breach of the terms and conditions of the policy, whether declared to the insurers or not, may render any claim under the policy invalid UNLESS agreed in writing by the insurers by specific endorsement;5. in the event of any conflict or ambiguity between the terms and conditions of the policy and this proposal, the terms of the policy will prevail.
6. We confirm that we have read the Legal Notice concerning the Nexus Trade Credit website system and agree to be bound by the terms, as amended from time to time.
Cont.
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
Authorised Signature
Name (in print)
Position
Date (in print)
Broker/IntermediaryCompany
Branch
Contact
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Proposal Form – June 2019
Your Personal Data
In this notice “we”, “us” and “our” means Nexus Trade Credit. We are the data controller in respect of any personal data we collect, hold and use about you.
We collect your personal data directly from you, but we may also collect it from brokers and other intermediaries who provide information to us for the purpose of providing your policy of insurance.
We will mainly use your data for the purpose of providing and administering this policy of insurance and claims you make under it. If you decline to provide your data when requested, or you give us false or inaccurate data, we may be unable to process your enquiry, and this could give us the right to void coverage or could impact your ability to claim under your policy.
In some circumstances, we may need to collect and use particularly sensitive data, such as data about your health or ethnicity. Where this is required, we will usually seek your consent to use that data. You can withhold or withdraw your consent at any time by contacting us, but if you do, we may be unable to process your enquiry or claim or continue to provide coverage.
We will exchange data about you with other parties in order to provide our services and administer this policy and any claims. This may include insurers, claims handlers and loss adjusters and providers of emergency medical services. In some cases, this may involve a transfer of data outside the UK and the European Economic Area (“EEA”) to countries that have less robust data protection laws. Any such transfer will be made in accordance with data protection laws.
We will not use your data or pass it to any other party for marketing products or services to you unless you have given your consent.
Our full privacy notice explains how we use your data in more detail. Our privacy notice also explains the rights you have in respect of your data, including the right to request a copy of the personal data we hold about you. A copy of our full privacy notice is available on our website at www.nexusunderwriting.com, or can be provided on request by contacting us at: Data Protection Manager, 52-56 Leadenhall Street, London, EC3A 2EB, or by emailing us at [email protected]
If you are not satisfied with the way we have managed your personal data, you may complain to the Information Commissioners Office (ICO) at www.ico.org.uk/concerns.
“Note, if you elect to pay for your insurance in instalments, we will transfer your details to a third party who will manage instalment payments on our behalf.”
Nexus CIFS Limited, trading as Nexus Trade Credit, is an Appointed Representative of Nexus Underwriting Limited, which is authorised and regulated by the Financial Conduct Authority, FRN: 494805. Nexus CIFS Limited is registered in England and Wales. Registered number: 08125609. Registered office: 52-56 Leadenhall Street, London EC3A 2EB.
Nexus Underwriting Limited is registered in England and Wales. Registered number: 06612180. Registered office: 52-56 Leadenhall Street, London EC3A 2EB.
Nexus CIFS Limited is part of the Nexus Group
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
List your top 20 customers by financial exposure relating to your Proposal.
1. Name
Co. Reg / Address
Country Credit Limit Required
2. Name
Co. Reg / Address
Country Credit Limit Required
3. Name
Co. Reg / Address
Country Credit Limit Required
4. Name
Co. Reg / Address
Country Credit Limit Required
5. Name
Co. Reg / Address
Country Credit Limit Required
6. Name
Co. Reg / Address
Country Credit Limit Required
7. Name
Co. Reg / Address
Country Credit Limit Required
Appendix 1 – Top 20 Customers
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Proposal Form – June 2019
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
8. Name
Co. Reg / Address
Country Credit Limit Required
9. Name
Co. Reg / Address
Country Credit Limit Required
Co. Reg / Address
Country Credit Limit Required
Co. Reg / Address
Country Credit Limit Required
Co. Reg / Address
Country Credit Limit Required
Co. Reg / Address
Country Credit Limit Required
Co. Reg / Address
Country Credit Limit Required
Co. Reg / Address
Country Credit Limit Required
10. Name
11. Name
12. Name
13. Name
14. Name
15. Name
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Proposal Form – June 2019
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
Co. Reg / Address
Country Credit Limit Required
Co. Reg / Address
Country Credit Limit Required
Co. Reg / Address
Country Credit Limit Required
Co. Reg / Address
Country Credit Limit Required
Co. Reg / Address
Country Credit Limit Required
16. Name
17. Name
18. Name
19. Name
20. Name
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Proposal Form – June 2019
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
List ALL your customer balances which are not in dispute or queried and which are outstanding for more than60 days beyond the due date.
Name
Address
Balance outstanding Co. Reg/ID No
Credit Limit
Due date of earliest invoice
Comments
Name
Address
Balance outstanding Co. Reg/ID No
Credit Limit
Due date of earliest invoice
Comments
Name
Address
Balance outstanding Co. Reg/ID No
Credit Limit
Due date of earliest invoice
Comments
Name
Address
Balance outstanding Co. Reg/ID No
Credit Limit
Due date of earliest invoice
Comments
Name
Address
Balance outstanding Co. Reg/ID No
Credit Limit
Due date of earliest invoice
Comments
Appendix 2 – Overdue Accounts
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Proposal Form – June 2019
Nexus Trade Credit52 - 56 Leadenhall Street, London EC3A 2EB+44(0) 20 3011 5700www.nexusunderwriting.com/trade-credit
Do you manufacture? Yes No
Yes No
If yes, does this take place on your own premises or elsewhere?
Do you outsource all/some of the manufacturing process to a third party?
If yes, where does this take place and what percentage of the contract price does the value of the third party contract represent?
Does the process only involve raw materials or do you manufacture finished goods?
If you do have finished goods, typically how long do these remain as stock items held on your premises prior to delivery?
What is the min/max timescale involved from the purchase of raw materials to the finished goods to the point of delivery?
Can the work in progress be related to a specific contract/order?
Typically, what percentage of the overall contract does the work in progress element represent?
Do you receive stage payments?
Typically what percentage of your overall ledger does work in progress relate to?
If yes, please indicate how the payments are staged setting out the payment dates and percentage value of the contract of eachstage payment.
What is the potential value that may be obtained from a forced resale of goods as a percentage of the contract price?
Yes No
Yes No
Appendix 3 – Work In Progress
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Proposal Form – June 2019
